Dubai market weak ahead of FOMC meeting

10 August 2010

The DFM Index started flat and eventually lost 0.35%, closing at 1,496.12 points. 61.6m shares changed hands, 18% less than on Monday as global capital markets wait for the outcome fo the U. S. Federal Open Market Committee (FOMC) on Tuesday evening. Arabtec (down 1.18% at Dhs1.68) was the most liquid stock. Bahrain's Islamic investment bank Gulf Finance House (GFH) surged 3.65% to Dhs0.539. GFH announced today it has reached formal agreement with the WestLB syndicate for a new $100m Murabaha Facility Agreement. The agreement is for a two year period with an additional one year term at GFH's option i.e. up to three years in total at a reduced profit rate

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